Ukraine increases soybean exports by one third

Since the beginning of the new 2023/24 season, Ukrainian companies have exported 1.6 mln tonnes of soybeans, up one third compared to last year.

According to the preliminary customs statistics, in December 2023, the Ukrainian soybean exports amounted to 436 thsd tonnes, which is lower than the record figure of November (528 thsd tonnes), but 22% higher than in December 2022.

In total, since the beginning of the season 2023/24 (September 2023), Ukrainian companies have exported 1.6 mln tonnes of soybeans, compared to the last year’s figure of 1.2 mln tonnes.

During the calendar year 2023, the Ukrainian soybean exports amounted to 3.5 mln tonnes, compared to 2 mln tonnes in 2022 and only 1.1 mln tonnes in 2021.

The main factors of export growth in the new season are the record harvest of this crop in 2023 at 4.8 mln tonnes (the previous one was set in 2018 at 4.5 mln tonnes, the harvest in 2022 – 3.7 mln tonnes), as well as the fact that in the first half of the 2023/24 season soybeans were one of the most profitable crops for Ukrainian farmers. Thus, producers were more willing to sell soybeans, while holding off on selling less profitable crops.

Even despite the relatively low soybean stocks at the beginning of the new season, we can predict that in the marketing year 2023/24 Ukrainian soybean exports will remain close to the record level of 2022/23 season – 3.1 mln tonnes (high initial soybean stocks were the main reason for the record soybean exports in the previous season).

According to our estimates, the volume of soybean processing in the current season will be 1.5-1.6 mln tons.

In terms of exports of soybean products, the season started quite briskly. In December, the export of soybean oil amounted to 26 thsd tonnes, and in the first four months of the new season – 108 thsd tonnes (compared to 86 thsd tonnes in September-December 2022). In general, Ukraine exported approximately 277 thsd tonnes of soybean oil in 2022/23 season (23 thsd tonnes per month on average), which is equivalent to 1.4-1.5 mln tonnes of soybeans.

The export of soybean meal in the first four months of the new season amounted to 260 thsd tonnes, compared to 158 thsd tonnes in the same period of the previous year.

Tags: Ukraine, export, soybean